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Major warehouse extension for Bunnings

Auckland • Wednesday 30 November 2005

Major warehouse extension for Bunnings

ING Property Trust has agreed terms for the construction of an extension to the Bunnings distribution centre at 320 Ti Rakau Drive, East Tamaki in Auckland.

Bunnings already has a large retail centre at the property (which is owned by the Trust), as well as the existing distribution facility. However, plans to consolidate the distribution operations in Auckland means additional space and facilities are required by Bunnings. The proposed extension will see the current warehouse nearly double in size to over 10,000 sqm at a cost of approximately $5 million.

As part of the agreement between the Trust and Bunnings, the current lease term for the distribution centre will be increased by four years upon completion of the new warehouse. This will extend the lease over the warehouse to 10 years, while the lease over the retail centre is for 15 years.

Managing Director of ING Property Trust Management Limited, Andrew Evans, says the agreement is a further strengthening of the relationship with Bunnings as a high-quality and stable tenant of one of the Trust’s premier assets.

Construction of the new building is expected to be completed in October 2006 and will provide a return on cost of 8.7%. This is the final stage of the full redevelopment of this large retail and industrial complex, secured under long lease terms to high-quality tenants.

The ING Property Trust property portfolio of 96 buildings, with a total value of more than $800 million is currently 99% occupied. The Trust is New Zealand’s only truly diversified listed property investor with assets across the industrial, retail and commercial office sectors.

ENDS

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